Gold project seeking finance

The company planning a new gold mine between Parkes and Dubbo in New South Wales will now push for finance from the private sector to begin the project.

Alkane Resources has finalised a feasibility study into its plans for three open pits and one large underground mine at Tomingley.

The company's Managing Director, Ian Chalmers says the study has shown the project can recover almost 370,000 ounces of gold.

He says some investors have already shown interest in the mine which is expected to yield more than $500 million revenue.

"They've just got to look at the detail now in the documentation to make sure it meets their investment criteria," he said.

"These things often take a few months they don't often happen overnight, you have to work through the various proposals and the organisations have got to come up with what they think are the right numbers."

Alkane plans to lodge its final Environmental Assessment with the state government by the end of next month.

If approved and finance is secured construction could start next July, with gold production beginning in 2012.

Mr Chalmers says there are further prospects in the nearby area which could extend the mine's life to 10 years and provide more jobs.

"Probably 150 [jobs will be created] during construction but overall during the life of the mine an average number about 100 people,".

"It goes up to 120 to start with then it sort of stabilises around about a hundred, so yeah, it's a reasonable workforce."